The doughnut company also raised its outlook for the full fiscal year. It raised its fiscal 2014 earnings from between $0.53 and $0.57 to between $0.59 and $0.63 per share. Bloomberg says analysts had expected 58 cents on average.

James H. Morgan, chairman, president and ceo of Krispy Kreme, said in a release, "Our exceptional performance in the first quarter is a testament to both the strength of our brand and the dedication of our team members and franchisees worldwide. It is also evidence of our ongoing momentum which we believe will make this another outstanding year at Krispy Kreme. We continue to believe we are in the very early stages of developing Krispy Kreme's long-term potential as we continue to execute on our strategic priorities, demonstrate our capability to grow same store sales, generate significant operating cash flow, and increase earnings over the long term."

Fool.com reports that Krispy Kreme's rising sales and earnings may already be "baked into the price."